By Dhirendra Tripathi
Investing.com – Netflix stock (NASDAQ:NFLX) fell 2.5% Tuesday as the streaming giant’s price cut across its plans in India kept it under pressure.
The company has cut prices by 23% to 60% to grow its user base and take on its rivals in one of the world’s biggest markets for movies and entertainment.
In terms of competition, India has Disney+Hotstar (NYSE:DIS), Amazon Prime (NASDAQ:AMZN) and several other local players.
Netflix’s lowest monthly rental plan will now cost 149 rupees (around $2), down from 199 rupees earlier. This plan is available only on mobiles and tablets. Netflix had introduced the 199-rupee plan during the pandemic, one of the cheapest rental plans introduced by the company in any of its markets.
The biggest cut has been dealt to the company’s "basic plan," which is available on all devices. It will now cost 199 rupees, down from 499 rupees.
Monika Shergill, vice president of content at Netflix India, told business daily The Economic Times that the company has developed a large content and the price cut is in line with its strategy to take it to a wider audience.